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Brighton Peak cryptocurrency exchange – August 2018 review

7 August 2018

A thoughtfully designed and simple-to-use bitcoin trading platform for Australians.

Brighton Peak is an Australian-based bitcoin trading platform that has been operating out of Melbourne since late 2015. Brighton Peak is designed to be a streamlined, secure and user-friendly exchange for Australians to trade bitcoin with each other.

It also has a heavy focus on business customers, offering consulting as part of its operations.

So, what are the unique pros and cons of Brighton Peak compared to other platforms? Read on to learn more.

Disclaimer:
This information should not be interpreted as an endorsement of cryptocurrency or any specific provider,
service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and
involve significant risks – they are highly volatile and sensitive to secondary activity. Performance
is unpredictable and past performance is no guarantee of future performance. Consider your own
circumstances, and obtain your own advice, before relying on this information. You should also verify
the nature of any product or service (including its legal status and relevant regulatory requirements)
and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.

Exchanges like Brighton Peak

CoinSpot is an Australian-based marketplace that allows you to easily buy, sell or trade more than 100 cryptocurrencies.

Trade an extensive range of reputable coins on this world-renowned exchange, popular for its high liquidity and multi-language support.

Trade AUD and other fiat currencies against BTC, BCH or ETH at competitive rates.

What is Brighton Peak?

Brighton Peak is an exchange where users can buy and sell bitcoin with each other. It’s designed to be user-friendly, highly secure and quick to use once you’ve started.

Bitcoin is the only cryptocurrency available for trading, and withdrawals and deposits are done via bitcoin or Australian banks only.

To buy bitcoin you make a bank transfer to your trading account. Once it’s stored there you can use it to buy bitcoin peer-to-peer with Australian dollars, almost instantly. Meanwhile, any bitcoin assets in your account are held in a secure offline wallet that’s provided as part of the platform.

Brighton Peak offers both market orders and limit orders.

Market orders are simply buying and selling bitcoin at the current market value, while limit orders let you set up trades that execute at a set market value.

If you place a limit order, and the bitcoin market value shifts beyond the specified amounts, then it will automatically turn into a market order.

Market orders are executed instantly, while limit orders can be cancelled as long as they haven’t been carried out yet. This means you won’t be able to unintentionally sell below market value, or buy above market value.

In summary, Brighton Peak lets you:

Buy or sell bitcoin at the current market value

Choose the maximum amount you’re willing to pay for buying bitcoin and then execute trades when the market value is at or below that amount

Choose the minimum amount you’re willing to sell bitcoin for, and then execute trades when the market value is at or above that amount.

All of this is done through the website dashboard, along with deposits and withdrawals.

In exchange for providing these features, and a secure place to make trades, Brighton Peak charges fees per trade.

Fees and charges

Your fees are based on your 30 day trading volume in AUD.

Trading Fees

30 day AUD Volume

0.50%

<$ 10,000

0.45%

$ 10,001 to $ 20,000

0.40%

$ 20,001 to $ 30,000

0.35%

$ 30,001 to $ 40,000

0.30%

$ 50,001 to $ 60,000

0.25%

$ 60,001 to $ 70,000

0.20%

> $ 70,001

In order to get trading, you’ll need to use the Brighton Peak deposit services, and to access your money you’ll need to make withdrawals from your account. These are provided free of charge.

Deposit fees

Bitcoin

Free

Australian Bank Transfer

Free

International Wire Transfer

Not Available

Withdrawal fees

Bitcoin

Free

Australian Bank Transfer

Free

International Wire Transfer

Not Available

How fast will my funds be available?

Brighton Peak only lets you deposit and withdraw Australian dollars and bitcoin. Transfer times will depend on the currency.

Bitcoin transfers are typically quicker but may vary depending on network traffic, while Australian dollar transfers will need to go through the banks which typically takes 1-2 business days.

Transaction Type

Time

Bank transfer or cash deposit

1-2 business days

Deposit via bitcoin

Approx 1 hour (depending on network traffic)

Bank transfer or cash withdrawal

1-2 business days (plus 24 hours to process request)

Withdrawal via bitcoin

Usually under 1 hour (but may take longer)

Is Brighton Peak safe to use?

Brighton Peak offers a number of security features for trades and user accounts:

Trades are conducted through US-based third party provider AlphaPoint, which provides a level of security similar to what you’ll find when trading through a bank or other reputable exchange. Just as importantly, AlphaPoint connects Brighton Peak to other exchanges around the world in order to ensure liquidity.

Only a small portion of the bitcoin being held by Brighton Peak is kept in a “hot” (Internet connected) wallet at any given time, with the majority being held in a “cold” (offline) wallet. The cold wallet is insured.

Traders are also required to verify their accounts before they can start trading, in line with Australian law.

Two-factor authentication (2FA) is also available to offer users more security on their end. This involves using the Google Authenticator app to generate a unique number on your phone, which needs to be provided when logging in.This prevents someone from remotely hacking into your account or cracking your password. If people want to get into your account they’ll also need your phone. Brighton Peak recommends that all its users opt into 2FA, although it’s not compulsory.

Customer support

You can reach Brighton Peak’s customer service team by email or on Skype.

How do I create a Brighton Peak account?

To register with Brighton Peak you can simply create an account with your chosen email address and password. This lets you access the platform. To start trading you’ll need to verify your account by providing proof of identity and some personal information. You can email it to the dedicated address verification@brightonpeak.com or submit your documents via the Verification page

Pros and cons

Pros

User friendly

Strong security

Efficient and straightforward dashboard design

Cons

Bitcoin-only trading may frustrate traders looking to trade other cryptocurrencies

The sleek design might offer less information than new users want

May not be suitable for anyone wanting to trade outside of Australia

Transferring money and verifying details can take a few days so you won’t be able to start trading immediately

Frequently asked questions

Brighton Peak currently only supports bitcoin and Australian dollar trades. Bitcoin uses BTC for its currency code.

Brighton Peak is for users in any country, but it’s only useful for AUD/BTC trades, which naturally lends itself to Australian users.

The only two payment methods are bank transfers for when you’re moving Australian dollars, and bitcoin transfers for when you’re moving bitcoin.

Probably, yes. The in-built Brighton Peak wallet is among one of the most secure you can get. It’s an offline cold wallet, and Brighton Peak has it insured. That said, the standard advice among in the crypto community is to avoid storing your cryptocoins in any exchange’s wallet, so it’s best to explore the alternatives.

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